At its core, competitive analysis, or CA, refers to the collection, selection, storage, analysis and dissemination of information about the current business environment, or in this case, the property casualty insurance market. Traditionally, individuals can use CA information to establish what sets their products and services apart from the competition, and therefore what attributes to play up in order to attract the target market.
For any independent agent to succeed, they have to understand how to leverage competitive analysis. Even if you do not have access to the most in-depth data and research, follow these tips to get a leg up on the competition:
Know Your Opponent
The first step in leveraging competitive analysis is to identify the competition. Agents can start to get a better perspective of their competitors by using Google keyword search to track competing agencies’ web-based marketing activity. If you can establish your competitor’s unique selling points, you can start the process towards developing your own strategy.
Identify Strengths and Weaknesses
Once you identify competitors, you can begin researching their strengths and weaknesses. Examine growth and revenue trends. How do your competitors choose to market themselves? You might consider extending your own product offerings to match or exceed the competition.
Keep Track of Important Trends
Effective sales agents stay on top of changing trends and technologies. The benefits of this intelligence is two-fold: you can stay ahead of your competitors and also improve upon your own strategy. At this point, you might want to consider utilizing competitive analysis tools to carefully track and manage industry data.
Learn More About ASI
ASI is one of the largest homeowners insurance carriers in the United States. Through a network of independent agents, the company offers home, condo, renters, dwelling, fire, and flood insurance in over half the country, with plans to cover the rest by 2017. Find out more at americanstrategic.com.